Basrah Gas signs loan agreement with IFC to limit gas flaring: Iraqi News Agency

Published: Updated:

Iraq’s Basrah Gas Co. signed an agreement with the International Finance Corporation for a loan to fund a project to limit the flaring of natural gas, the state-run Iraqi News Agency reported on Tuesday.

For the latest headlines, follow our Google News channel online or via the app.

Iraq continues to flare some of gas extracted alongside crude oil because it lacks the facilities to process it into fuel for local consumption or exports.

Gas flaring costs nearly $2.5 billion in lost revenue for the government and would be sufficient to meet most of needs for gas‐based power generation, according to the World Bank.

Read more:

Iraqi fighters mourn comrades killed in US air strikes

In Iraq, an old US foe grows his political power

Two drones destroyed above base housing Americans in Iraq: Army

Top Content Trending